New vessels are now impacting rates at Avance Gas
Norwegian Avance Gas struggled with earnings in the first quarter. More new VLGCs and the off-season are putting a cap on gas rates, the carrier's interim report shows. "Rates have declined more than we had hoped," the CEO tells ShippingWatch.
BY MATHIES HVID TOFT
This far and no further. After a year of record-high rates for the largest gas vessels, the level dropped in the first quarter this year, according to the interim report from Norway's Avance Gas. The first quarter is usually the low season for gas carriers, but the influx of new Very Large Gas Carriers (VLGCs) also contributed to reducing the income.
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